Portofino increases financing to $600,000 for drilling near Red Lake

PORTOFINO RESOURCES says due to strong interest in its previously announced private placement for $500,000, it has increased the financing to $600,000. The placement is priced at $0.10 per unit and each unit will consist of one common share and one share purchase warrant. Each Warrant shall have a term of 24 months commencing on the Closing Date and shall entitle the holder to purchase one common share at a price of $0.15 during the term. Closing will be subject to TSXV Exchange approval and any shares issued will be subject to a four-month hold period.

Proceeds from the financing shall be used for exploration activities on its Northwestern Ontario precious metal projects and general working capital. 

About Portofino Resources Inc.

Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Its South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Nickel-Copper mine, as well as the Sapawe West and Melema West properties located near Atikokan. 

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